Monday, August 27, 2012

Common Misconceptions About Probate

As you know, probate is necessary when an individual dies without the proper estate planning documents and his/her assets exceed $100,000. What you pay is based on the estate’s gross asset value, which means all that you own, not just what you owe. For example, if your home is worth $800,000 and your mortgage is $790,000, the gross asset value is $800,000.

This chart shows the minimum probate costs set by California law and do not include any special fees such as the sale of assets, tax preparation and litigation.

Gross Asset Value of Entire Estate
Probate Fees without Estate Planning

Did you know…?
  • A will is different from a trust.
  • If you have recently refinanced your home you have to put it back into your trust.
  • Without an Advanced Care Health Directive your family may not be able to manage your medical care.
  • Joint Tenancy, the way many couples hold property, does not avoid probate.
  • Joint tenancy may cost the second-to-die thousands of dollars in capital gains tax.
  • The inheritance tax exemption allowed by the IRS may be lowered from $7,000,000 to $1,000,000 in 2013.

THIS IS NOT THE TIME SKIMP, hire a professional estate planner! Allied Brokers can recommend several experts that we work with. You have been in control and protected your family your whole life, why stop now? MAKE SURE THE FRUITS OF YOUR LABOR GO WHERE YOU WANT IT GO- SMOOTHLY, PRIVATELY AND INEXPENSIVELY. Avoid a family fight by taking care of your business before you die.

Call Allied Brokers to learn about ways you can control the distribution of your assets from beyond the grave. We can help you estimate your estate tax liability and fund the tax debt for less than 5% of the amount you would have paid. What better investment can you make for your family?

Visit our website at for information about all the types of insurance we offer. Or call 1-888-505-7988 for a free rate quote.

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